U.S. Senator Angus King (I-Maine), a member of the Senate Budget Committee, released the following statement today in response to the Congressional Budget Office's (CBO) long-term budget outlook:
"The CBO's new outlook should be a wake-up call to my colleagues in both chambers," Senator King said. "If we don't take immediate action to gain a better hold of federal debt and put it on a sustainable path, we undeniably will face a fiscal crisis of our own making that will endanger the welfare of future generations. I continue to call on my colleagues to work together to make the hard choices necessary to ensure that the country we give to our children and grandchildren is as great as the one we inherited from our parents."
The CBO's Long-Term Budget Outlook projects that budget deficits will rise steadily and, by 2039, push federal debt held by the public up to 106 percent of GDP, a percentage seen only once before in U.S. history (just after World War II).